We’re racking up debts so our friends don’t think we’re tightwads

It seems that we’re getting into debts of over £1000 a year purely so that our friends don’t think we’re stingy on nights out.

Nearly half of people who took part in a Money Advice Service survey said that they had gone into debt due to their social lives.

The average amount of ‘social debt’ stands at a whopping £1,260.

Our concern is that our friends won’t think we’re generous if we don’t buy them a drink, so we spend £341 a year of that debt on getting the rounds in.

We’re also going out for dinner even though we can’t afford it, because let’s be honest, life is a tedious carousel of work and death, so you may as well have some garlic bread occasionally.

However, we’re getting ourselves into some financial bother as a result, with one in 11 of us unable to pay utility bills because we’ve spent all our money on cocktails. And many of us are overspending simply because we don’t like to say no to a night out. (AND WHY WOULD YOU?)

'I’d urge anyone in debt, due to their social spending, to take action now to avoid getting any further into the red and instead work at clearing it. You'd be surprised how empowering saying 'no' can feel when you see how healthy your bank balance looks.’